Strategic Partnerships

Often times, your company’s ultimate success in the construction industry hinges on the relationships you build. Whether you receive a referral for a $250,000 addition from your good friend, the architect or get the paint colors changed for your customer at the last minute thanks to the rep over at Benjamin Moore whose daughter goes to daycare with your son, your friends in the industry will be there to help make you a success. The opposite is true as well. If you have a negative relationship with an architect, you may not be asked to bid on their customers’ work or if you offend a rep at your cabinet company, they may not bend over backwards to help you. If you assist others, they will, in turn, help you. If you consistently let down subcontractors, fail to follow through with promises or do shoddy work on jobs, word will travel fast through the networks of those affected. Building quality, positive relationships in the construction is imperative to your overall success.

Strategic partnerships, whether they are formal or informal, grow your network and help to make you a more effective businessperson. Are there a handful of subs that you use regularly? Do they, in turn, kick work your way when there are projects they can’t handle alone? You have a strategic partnership. Over the next thirty days, I challenge you to grow your network through strategic partnerships. Investigate businesses near you with whom you have a working relationship (suppliers, subs you use now and again, architects, etc) and see if you can build a strategic partnership. By making an effort to refer business to others and asking them if they know anyone who could use your services, you open the door to a strategic partnership.

Who do you know whose partnership could be a goldmine for you?

These are some interesting partnerships I have seen in just the last year:
The remodeler who specializes in building wine cellars partners, informally, with the specialty wine shop.
The architect partners with the remodeler.
The electrician and plumber align with the general contractor.
The drywall company partners with the painters.
The design build group forges a relationship with the real estate attorney.

It is up to you to take the first step and I encourage you to do it today.

Originally posted by Remodeler's Marketing